For Effective Internal Control, the Accounts Payable Department Should Compare

question 12

Multiple Choice

For effective internal control, the accounts payable department should compare the information on each vendor's invoice with the

• A) Receiving report and the purchase order.
• B) Receiving report and the voucher.
• C) Vendor's packing slip and the purchase order.
• D) Vendor's packing slip and the voucher.

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Definitions:

Statistical Analysis

The process of collecting, exploring, and presenting large amounts of data to discover underlying patterns and trends.

Salary Cap

A limit on the amount of money that a sports team can spend on player salaries, usually imposed by the league to maintain competitive balance.

Stock-price Response

The reaction of a company's stock price to financial news, market events, or unanticipated occurrences affecting the business.

Corporate Dividend

Payments made by a corporation to its shareholders out of the company's profits or reserves.